U.S. stocks fall again on North Korea tensions

Posted - August 13 201722:27

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U.S. stocks fall again on North Korea tensions

"Hopefully Kim Jong Un will find another path!"

Aug 11 (Reuters) - U.S. stocks were modestly higher in late morning trading on Friday as investors cautiously dipped back into riskier assets, after a three-day losing streak on concerns over escalating tensions between the United States and North Korea.

The last time the S&P closed down more than 1 percent was May 17.

Currently, the major averages remain in positive territory but off their best levels of the day.

At 12:36 p.m. ET (1636 GMT), the Dow Jones Industrial Average was down 158.98 points, or 0.72 percent, at 21,889.72 and the S&P 500 was down 27.37 points, or 1.11 percent, at 2,446.65.

US stocks were on track for their biggest weekly loss in months, shaken by disappointing earnings results and an escalation of threats between the USA and North Korea.

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"I will tell you this, North Korea better get their act together or they're going to be in trouble like few nations ever have been in trouble in this world", Trump said.

Wall Street got off on a downbeat start early Thursday as tensions between the USA and North Korea continued to escalate, rattling markets overseas. The Nasdaq and the S&P 500 are rebounding after ending Thursday's trading at their lowest closing levels in a month.

Adding to the modest losses posted in the two previous sessions, stocks moved sharply lower over the course of the trading day on Thursday.

The benchmark USA yield on Thursday was just above 2.2 percent, at its lowest level since late June, as investors bought up Treasuries, a classic safe harbor. On Friday, fellow retailer J.C. Penney dropped 16% after its second-quarter loss exceeded expectations. The strength in the sector came amid a jump in the price of gold.

In commodities trading, crude oil futures are slipping $0.10 to $48.49 a barrel after tumbling $0.97 to $48.59 a barrel on Thursday.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, declined 20 cents to $51.70 per barrel in London. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772. Japan was closed on a public holiday.

In other corporate news, shares of Snapchat parent Snap fell 13% after it reported earnings late Thursday that missed analyst forecasts. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index fell around 1.2% each to finish at 5,693.10 and 5,743.50, respectively.

Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

If the decline continues, Paulsen said, it will be "a good buying opportunity".

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The US president also spoke with his Chinese counterpart Xi Jinping by phone to discuss rising tensions over North Korea, it said. Clapper said the USA and North Korea could "blunder" into global military conflict as they exchange escalating hostilities.

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David Madden, market analyst at CMC Markets UK, said: "The showdown between the two nations has scared off many investors". Focusing on United Kingdom stocks, BT and Lloyds Banking Group were among the biggest fallers after going ex-dividend.

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